Wikipedia:WikiProject Trains/ICC valuations/Pittsburgh, Fort Wayne and Chicago Railway

Interstate Commerce Commission of the United States, Valuation Reports, Volume 23

Pittsburgh, Fort Wayne and Chicago Railway
Pittsburgh, Fort Wayne and Chicago Railway Company, herein called the Pittsburgh, Fort Wayne & Chicago, a double-track railroad extending from Pittsburgh, Pa., in a general northwesterly direction through Ohio and Indiana to Chicago, Ill., 468.398 miles.

Introductory
The Pittsburgh, Fort Wayne and Chicago is a corporation of the States of Pennsylvania, Ohio, Indiana, and Illinois, having its principal office at Pittsburgh, Pa. It is controlled by the Pennsylvania Company through ownership of a majority of the outstanding capital stock. The Pittsburgh, Fort Wayne and Chicago controls the Massillon and Cleveland through ownership of a majority of the latter's capital stock. From February 26, 1862, to June 30, 1869, the property of the Pittsburgh, Fort Wayne and Chicago was operated jointly by its own management and that of the Cleveland and Pittsburgh and the latter's receivers, under various agreements. From July 1, 1869, to March 31, 1871, it was operated jointly by the Cleveland and Pittsburgh under the foregoing agreements, and the Pennsylvania Railroad, under a lease to the latter of the Pittsburgh, Fort Wayne and Chicago's property, effective July 1, 1869, extending to July 1, 1868[sic]. From April 1, 1871, to date of valuation, the property was operated by the Pennsylvania Company under the aforesaid lease to the Pennsylvania Railroad which was assigned to the Pennsylvania Company on April 1, 1871.

Corporate History
The Pittsburgh, Fort Wayne and Chicago was incorporated by special acts of the legislatures of the States of Pennsylvania and Illinois, approved March 31, 1860, and February 8, 1861, respectively, for the purpose of reorganizing The Pittsburgh, Fort Wayne & Chicago Rail Road Company. Certificates of incorporation, dated February 26, 1862, were filed in the States of Pennsylvania, Indiana, and Illinois on February 28, 1862, and in Ohio on September 15, 1866.

The property, rights, and franchises of The Pittsburgh, Fort Wayne & Chicago Rail Road Company had been sold in Cleveland, Ohio, on October 24, 1861, to a purchasing committee, to whom they were deeded by the trustees and the master commissioner on February 18, 1862, and by deed of The Pittsburgh, Fort Wayne & Chicago Rail Road Company dated February 25, 1862. By deed dated March 2, 1862, the purchasing committee conveyed the property thus acquired to the Pittsburgh, Fort Wayne and Chicago.

The Pittsburgh, Fort Wayne and Chicago also acquired, on June 30, 1916, the properties of two other companies, as explained hereinafter.

The following table shows the names of the corporations embraced in the corporate history of the Pittsburgh, Fort Wayne and Chicago, their respective dates of incorporation, and manner and date of succession. Reference to each of these corporations is made in the last column by its respective number in the first column.

The Pittsburgh, Fort Wayne and Chicago acquired by deed dated July 1, 1865, the property, rights, and franchises of The Cleveland, Zanesville and Cincinnati Railroad Company, described below, from George W. Cass and John J. Marvin, to whom the property had been conveyed on December 23, 1864, after foreclosure sale. The Pittsburgh, Fort Wayne and Chicago sold this property, together with an extension about 3.5 miles in length, to The Pittsburgh, Mt. Vernon, Columbus and London Railroad Company, predecessor of the Cleveland, Akron and Cincinnati. Conveyance was by deed of the Pittsburgh, Fort Wayne and Chicago and the Pennsylvania Railroad, lessee of the Pittsburgh, Fort Wayne and Chicago, dated November 4, 1869, and by quitclaim deed of George W. Cass and John J. Marvin, dated November 6, 1869.

Development of Fixed Physical Property
The owned railroad was acquired principally by purchase after foreclosure. In the following table are shown the years in which and the companies by which the several parts of the property were constructed, and the manner in which they were acquired by the Pittsburgh, Fort Wayne and Chicago.


 * Acquired by purchase after foreclosure from—
 * The Pittsburgh, Fort Wayne & Chicago Rail Road Company, Mar. 2, 1862, constructed by—
 * That company—
 * Columbia City, Ind., to Chicago, Ill., including jointly owned mileage in Chicago (45 miles partly completed by Fort Wayne and Chicago Railroad Company), 1856-1859 and 1860. 129.79
 * Allegheny to Pittsburgh, Pa., 1858. 1.00
 * Total. 130.79
 * Ohio and Pennsylvania Railroad Company, Allegheny, Pa., to Crestline, Ohio, 1853. 187.57
 * Ohio and Indiana Railroad Company, Crestline, Ohio, to Fort Wayne, Ind., 1854. 131.60
 * Fort Wayne and Chicago Railroad Company, Fort Wayne to Columbia City, Ind., 1856. 19.00
 * 468.96
 * The Cleveland, Zanesville and Cincinnati Railroad Company, July 1, 1865, constructed by The Cleveland, Zanesville and Cincinnati Railroad Company, Hudson to Millersburg, Ohio, 1852 and 1854. 61.50
 * By construction:
 * Extension south of Millersburg, Ohio, 1868, by forces of the Pittsburgh, Fort Wayne and Chicago. 3.50
 * Cummings branch, Chicago, Ill., 1875, by forces of Pennsylvania Company. 1.57
 * 5.07
 * Total mileage acquired. 535.53
 * Less mileage sold:
 * Hudson to point 3.5 miles south of Millersburg, Ohio, Nov. 4, 1869. 65.00
 * Mileage located in Chicago. 1.43
 * 66.43
 * Total recorded mileage owned. 469.10
 * Difference between recorded mileage and mileage inventoried. 0.318
 * Mileage inventoried as of date of valuation. 469.418

Included in the 468.96 miles of road acquired from The Pittsburgh, Fort Wayne & Chicago Rail Road Company are 1.020 miles of road in the city of Chicago, Ill., owned jointly with other carriers.

Leased Railway Property
From February 26, 1862, to June 30, 1869, the property of the Pittsburgh, Fort Wayne and Chicago was operated jointly by its own management and that of the Cleveland and Pittsburgh and the latter's receivers, under various agreements. From July 1, 1869, to March 31, 1871, it was operated jointly by the Cleveland and Pittsburgh, under the foregoing agreements, and the Pennsylvania Railroad, under a lease to the latter of the Pittsburgh, Fort Wayne and Chicago's property, effective July 1, 1869, extending to July 1, 2868. From April 1, 1871, to date of valuation, the property was operated by the Pennsylvania Company under the aforesaid lease to the Pennsylvania Railroad, which was assigned to the Pennsylvania Company on April 1, 1871.

The lease of the property of the Pittsburgh, Fort Wayne and Chicago to the Pennsylvania Railroad provided among other things for the following considerations for the use of the property:

An annual rental payment of $1,380,000 to provide for a 7 per cent guaranteed dividend on the common stock of the Pittsburgh, Fort Wayne and Chicago; a guaranteed 7 per cent dividend on the guaranteed special stock issued by the Pittsburgh, Fort Wayne and Chicago; and the assumption by the lessee of the payment of the principal of and interest on the following bonds issued or assumed by the Pittsburgh, Fort Wayne and Chicago, which were outstanding at the date of the lease:


 * Issued:
 * First-mortgage bonds. $5,250,000
 * Second-mortgage bonds. 5,160,000
 * Third-mortgage bonds. 2,000,000
 * Equipment bonds. 1,000,000
 * Assumed:
 * Ohio bridge bonds. 153,000
 * Chicago (Haight) construction bonds assumed. 100,000
 * Total. 13,663,000

The lease also provides for the payment of certain organization expenses of the Pittsburgh, Fort Wayne and Chicago.

At the expiration of the lease, or at its earlier termination, the lessee agrees to redeliver and surrender the railway to the Pittsburgh, Fort Wayne and Chicago in as good a condition as when leased, together with all additions and betterments which have been made upon the property. The lessee also agrees to redeliver to the Pittsburgh, Fort Wayne and Chicago all rolling stock, material and supplies, or other property received under the lease, or similar property of equal value.

The rental recorded by the Pittsburgh, Fort Wayne and Chicago for the use of its property for the year ending on date of valuation amounted to $5,068,041, which was credited to income account, income from lease of road.

The Pittsrurgh, Fort Wayne & Chicago Rail Road Company
Introductory

This company, a corporation of Pennsylvania, Ohio, Indiana and Illinois, owned on October 24, 1861, the date of the sale of its property to a purchasing committee, about 468.96 miles of standard-gauge railroad, extending in a general northwesterly direction from Pittsburgh, Pa., to Chicago. Ill. Included in the mileage stated is a small amount of jointly owned mileage in Chicago.

The company was formed as a consolidation of the Ohio and Pennsylvania Railroad Company, the Ohio and Indiana Railroad Company, and the Fort Wayne and Chicago Railroad Company. Although this consolidation was effected under the terms of an agreement dated May 6, 1856, which was filed in the several states at various dates in the month of July, 1856, the results of the operations of the properties of consolidating companies were continued in their books of account up to and including July 31, 1856. For this reason, the consolidation agreement is considered, for the purposes of this report, to have become effective on August 1, 1856.

Development of Fixed Physical Property

Of the road owned on the date of demise, 338.17 miles had been acquired by consolidation and 130.79 miles by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Pittsburgh, Fort Wayne and Chicago. Construction of the road built by the company was performed in part by contractors, who appear, from the records reviewed, not to have been affiliated with it, and in part by its own forces. The amount of work done by each has not been determined.

Ohio and Pennsylvania Railroad Company
Introductory

This company, a corporation of the States of Ohio and Pennsylvania, owned on May 6, 1856, the date of its consolidation with the Ohio and Indiana Railroad Company and the Fort Wayne and.Chicago Railroad Company to form The Pittsburgh, Fort Wayne & Chicago Rail Road Company, about 187.57 miles of single-track, standard-gauge, steam railroad, extending from Federal Street, Allegheny, Pa., to Crestline, Ohio. This property was operated by the Ohio and Pennsylvania Railroad Company's own organization from date of completion to date of demise. Surveys for the construction of the road owned by the Ohio and Pennsylvania Railroad Company were begun on July 11, 1848, and construction work, performed by numerous contractors and the company's own forces, was commenced on July 4,1849. The road was completed and opened for operation on April 11, 1853.

Ohio and Indiana Railroad Company
Introductory

This company, a corporation of the States of Indiana and Ohio, owned on May 6, 1856, the date of its consolidation with the Ohio and Pennsylvania Railroad Company and the Fort Wayne and Chicago Railroad Company to form The Pittsburgh, Fort Wayne & Chicago Rail Road Company, about 131.60 miles of single-track, standard-gauge, steam railroad, extending from Crestline, Ohio, to Fort Wayne, Ind. Construction of this road was commenced In February, 1852, and completed on November 1, 1854. The work of construction was done in part by nonaffiliated contractors and in part by the company's own forces. The property was operated by the company's own organization from date of completion to the date of demise.

Fort Wayne and Chicago Railroad Company
Introductory

This company, a corporation of the States of Indiana and Illinois, owned on May 6, 1856, the date of its consolidation with the Ohio and Pennsylvania Railroad Company and the Ohio and Indiana Railroad Company to form The Pittsburgh, Fort Wayne & Chicago Rail Road Company, about 19 miles of single-track, standard-gauge, steam railroad, extending from Fort Wayne to Columbia City, Ind., and about 45 miles of partly completed road between Columbia City and Plymouth, Ind. The completed road was opened for operation during February, 1858, and was operated by the company's own management until he[sic] date of demise. The results from the operation of the property were charged o[sic] the investment in road and equipment account.

Marginal Railroad
This company was not incorporated. The property owned by it on December 7, 1889, the date of its demise, consisted of about 2.87 miles of standard-gauge railroad situated in the city of Beaver Falls, Pa. The property had been constructed by the Harmony Society of Economy, Pa., and was opened for operation in 1882. Operation of the property was by the Harmony Society from 1882 to May 14, 1883; by the Hartman Steel Company of Beaver Falls, under lease of March 28, 1884, from May 15, 1883, to 1889; by Carnegie, Phipps & Company, under the terms of the aforementioned lease, which had been assigned to it by the Hartman Steel Company, from 1889 to August 9, 1895; by the Consolidated Steel and Wire Company from August 10, 1895, to October 7, 1895; by the Pennsylvania Company as owner, in connection with the railroad of The Rochester, Beaver Falls and Western Railway Company, from October 8, 1895, to June 29, 1916; and on date of valuation by the Pennsylvania Company as part of the property of the Pittsburgh, Fort Wayne and Chicago. No accounting records of the company are obtainable.

The Rochester, Beaver Falls and Western Railway Company
This company, a corporation of Pennsylvania, owned on January 18, 1904, the date of its demise, about 0.57 mile of standard-gauge railroad, extending from a connection with the Marginal Railroad at Tenth Street to the Works of the Union Drawn Steel Company, west of Sixth Avenue, in Beaver Falls, Pa. The property was constructed by the company, and was opened for operation on December 1, 1890. From this date to May 15, 1893, the property was operated by the Pennsylvania Company and from May 16, 1893, to June 29, 1916, by the Pennsylvania Company in connection with the Marginal Railroad. On date of valuation it was operated by the Pennsylvania Company as a part of the property of the Pittsburgh, Fort Wayne and Chicago. No accounting records of the company are obtainable.